Last week the President signed the PPP Flexibility Act changing many key aspects of the PPP process. Since that signing, the SBA updated its’ regulations and issued additional guidance on the new 60% payroll test. Additionally, over the last several weeks the SBA issued both instructions and forgiveness regulations along with regulations addressing the PPP audit process. The heart of this class will be the form itself and will show the attendees how to complete the form on a line-by-line basis. At the same time, we will address each and every aspect of the PPP Flexibility Act and discuss how the Act likely changes your strategy.
In a series of instructions only a math major could love, the SBA issued the new “PPP Forgiveness” form and related regulations which involves a myriad of computations and accounting precepts destined to challenge all of us. The “Incurred and paid” statutory guidance being the most perplexing. Largely, because the “incurred and paid” hybrid method of accounting will be nearly impossible to implement.
While the new SBA instructions offer pragmatic guidance not addressed by the CARES Act, the new rules involve tax and computational items that pose traps for the unwary. The FTE rehiring and reestablishing of wages will also allow borrowers to “cure” the impact of two of the three forgiveness tests. Finally, we will address the newly issued SBA audit and appeal regulations.
Specifically, this course will focus on:
Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of National Association of Estate Planners & Councils. He has also been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals, and he has received more than 200 favorable private letter rulings including several key rulings of “first impression”. He is the author of over 100 articles and columns and is the editor, author or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference and the Heckerling Estate Planning Institute.
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